ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

Notes to the Financial Statements

14.3 Provision for claims reserves

2023 R’000

2022 R’000

Balance at beginning of year Outstanding claims reserve

770 719

- - -

2 185

Incurred but not reported claims reserve

768 534

Amount transferred from the statement of comprehensive income

809 615

753 750

New claims incurred

1 656 980

753 750

Outstanding claims reserve

-

2 185

Incurred but not reported claims reserve

1 656 980

751 565

Payments of claims previously provided for

(847 365)

- - -

Outstanding claims reserve

(2 185)

Incurred but not reported claims reserve

(845 180)

Foreign exchange (gain)/loss Outstanding claims reserve

(390) (390)

141 141

Foreign currency translation loss

45 417

16 828

Outstanding claims reserve

390

(141)

Incurred but not reported claims reserve

45 027

16 969

Balance at end of the year Outstanding claims reserve

1 625 361

770 719

-

2 185

Incurred but not reported claims reserve

1 625 361

768 534

Greater than 5 years R’000

Within 1 year R’000

1 to 5 years R’000

Total R’000

Maturity profile

2023 2022

1 625 361

- -

- -

1 625 361

770 719

770 719

YOUR EXPORT RISK PARTNER

65